09/19/2000 Meeting Minutes - Laserfiche WebLink

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Council Minutes of 9/19/2000 Finance Director Copfer: 1) Bonds sold on September 7 which will close tomorrow, September 20. The average coupon on those bonds was 4.94% with the average life of this issuance being 8.175 years, meaning the majority of this debt will be paid off in less than 10 years. 2) Tonight Council received a copy of the 1999 Comprehensive Annual Report. The audit report has been released from the State Auditor's office this week which allows the city to release the comprehensive annual report (CAFR). This is, as noted before, the standard in the industry. The CAFR presents detailed financial and operating information and discusses financial activities for 1999 and planned activities for 2000. The report is divided into three sections: introductory, financial, statistical. The most noteworthy item in the introductory section is a transmittal letter, which is comparable to the management discussion and analysis (NID&A) sections of corporate financial reports. In the financial section, there is the auditor's report and general purpose financial statements, which we have had issued in the past. However, they are combining individual fund and account group schedules. These schedules provide a fund by fund balance sheet and income statement information, which is a more detailed level of reporting than what had been reported previously. The statistical section includes selected financial and demographic data. Many of those are for the past ten years, which provides some interesting information as far as population, growth, annual budgets, and debt service. Thank you to all who assisted in making this report possible. This was a goal of hers personally and a reality and she appreciates Council's efforts and the help of all the departments in the city in making this a reality. Thank you to Gary Hannum who took the picture for the front cover. President Saringer announced that the following legislation would be passed under suspension of the rules: Ordinance 2000-104, Resolution 2000-105, Ordinance 2000-108, Resolution 2000-109, Ordinance 2000-112, Ordinance 2000-113, Resolution 2000-114, Ordinance 2000-115, Resolution 2000-116, Resolution 2000-120, Resolution 2000-122, Resolution 2000-124 and Ordinance 2000-131. President Saringer: 1) A public hearing was held before our last Council meeting with regard to the tax budget, Resolution 2000-109. Mr. Burns was the only resident in attendance, and he had several comments to make. The Finance Director responded to his questions satisfactorily. The changes that were necessary were made and are now reflected in the legislation that is on the agenda as amended. Mr. Miller commented on behalf of all of Council that they are very proud of the employees the Mayor spoke about in his report. Coincidentally, his daughter saw smoke coming from a home next to her school and, thanks to her quick thinking, a.n elderly woman was removed safely from the home. He was very proud of his daughter, and certainly the city is proud of its employees who took such heroic action. Mrs. Kasler, chairperson of the Intra-Governmental Relations and Legislation; Long- Range Planning Committee: 1) The committee met on September 11 to discuss Ordinances 2000-107 and 2000-117 as well as Resolution 2000-116. In attendance were committee members Kasler, Nashar and Miller; Council President Saringer; Councilmen 3